Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

any truth to this??

You decide. The exact wording of the stipulation is:

"Docket Text: STIPULATION: Plaintiff shall have sixty (60) days from the appointment by the Court of lead plaintiff pursuant to 15 U.S.C. § 78u-4(8)(3)(B)(i) to represent the class. and Court approval of lead plaintiff's selection of lead counsel pursuant to 15 U.S.C. § 78u-4(a)(3)(B)(v), to file and serve an Amended Complaint on Defendants. Defendants do not have to respond to the Complaint filed by Plaintiff on 10/9/09. Defendants shall have sixty (60) days from the service of an Amended Complaint to answer, move or otherwise respond to the Amended Complaint. ENDORSEMENT: No motion to dismiss is to be filed without a prior conference with the Court. (Signed by Judge John G. Koeltl on 11/4/09) (tro)"

Seems to me the Yahoo poster interpreted the stipulation incorrectly and drew improper conclusions as a result.

I believe that it says:
1. SPNG does not have to respond to the initial complaint filed on 10/9 because
2. the plaintiff will be filing an amended complaint
3. within 60 days of the Courts approval of the (as yet unnamed) lead plaintiff's selection of a lead counsel.
4. SPNG will have 60 days to respond to the amended complaint once it is filed.
5. The judge doesn't want to waste time with a motion to dismiss without a meeting first to preliminarily determine its viability.